After Long Fight, Some Farmers Get Relief From High Property Taxes

Agricultural land is assessed differently than homes and business in all 50 states, based on a formula that values the land based on crop yields, soil conditions, market prices and other factors. The approach is designed to preserve agricultural land by curbing property taxes, even as developers gobble up farmland and land values skyrocket. But over time, changing interest rates and swings in grain prices have led to assessments that don’t match the economic conditions many farmers face.